Origin investors reject the $10.6 billion Brookfield bid; the company is open to other funding. After shareholders in Australia’s most prominent power retailer rejected a takeover proposal of $10.6 billion by a consortium led by asset management on Monday, Brookfield will withdraw from Origin Energy (ORG.AX), according to a source familiar with the situation. Brookfield will withdraw from Origin Energy.

On the other hand, according to Origin’s regulatory filings, the final vote count was 31.08% against the offer and 68.92% in favor. This percentage is below the 75% threshold necessary for a takeover to proceed.

After the announcement that the A$9.39 per share offer would be rejected by Origin’s largest stakeholder, the A$300 billion ($198 billion) pension fund AustralianSuper, it was anticipated that the transaction would never be successful. The deal was successfully rejected because AustralianSuper owns around 17% of Origin. Before deciding what to do next, Brookfield stated that it would consider a new government initiative to speed up the rollout of green energy.

According to a person acquainted with the situation, the asset management located in Canada had no intention of coming back with a fresh bid for Origin since it believed that the actions taken by the government regarding green energy would have a detrimental impact on Origin’s future revenues.

To maintain the confidentiality of the information, the source declined to comment on the matter. Brookfield did not immediately respond to a request for comment.

For a ten-year investment plan that ranged from twenty billion to thirty billion Australian dollars, Brookfield’s proposal, which was produced in collaboration with EIG Partners, pledged to construct fourteen gigawatts of renewable energy.

Origin already has ambitions to create four gigawatts by 2030, and Chairman Scott Perkins reinforced that approach. He also stated that the business was open to cooperating with other investors.

“The way we’ve seen the energy transition is that there’s been plenty of scope for third-party capital to invest alongside Origin,” Perkins said to reporters following the vote. “This transition has been relatively smooth.”

Clearly, Origin has always been interested in all of those sources of low-cost capital, and this has always been the case. He said that AusSuper would be, without a doubt, one of the most apparent sources of such funding. He also mentioned that Origin had not yet engaged in discussions with AustralianSuper.

AustralianSuper released a statement stating it would be pleased to be a financial partner for Original as the company “prepares to transition over the coming decades.”

“We have never wavered in our belief that the value and future value of Origin are better in the hands of members and other shareholders than a private equity consortium seeking to make a quick return based on the proposed scheme terms,” according to an Australian representative.

The alternative proposal submitted by the consortium to be evaluated in case the existing bid was unsuccessful was rejected by the Board of Origin on Thursday. According to Perkins, the power retailer will continue to operate as an independent listed business, and the board of directors that proposed the proposal will continue to serve in its current capacity.

Immediately before the investor vote, Origin shares had dropped by 3.9%. The shares have been placed on a trading suspension.